This article was written by James Corbett and originally published at TheInternationalForecaster.com
Editor’s Comment: It’s funny how some criminals – whose actions affect perhaps a handful of people at the most – get the book thrown at them. In fact, so do speeders and code violators and other low level offenders.
But when the criminals loot the whole system, and effect everyone’s livelihood, it is somehow incomprehensible to deal out justice at all, no matter how swiftly. These bankers have all but announced that they are “too big to jail,” even as they work WITH the people running things and prepare to destroy the economy and all that rides with it. Hopefully there’s a special place in hell…
Government Sachs Gets Golden Wrist Slap For Global Financial Crisis
by James Corbett
Historians of the future will note Yellen’s smiling press conference in December of 2015 to announce the long-awaited rate hike as the beginning of the end for the dead cat bubble of the Global Financial Crisis. In some ways this has been a 20 year long Fed bubble that leads in a straight line from the “irrational exuberance” of the Dot Com bubble to the Dot Com bust and 9/11 to the Greenspan bubble and the subprime housing run-up to the Global Financial Crisis to QE1/2/3 and ZIRP to the rate hike to today. And what do we have today?
- The worst start to the year in US equity markets in history.
- Downgrades of economic forecasts from every conceivable corner of the financial world.
- Probability of US recession (even with the government’s cooked books) the highest it’s been in 5 years.
- The oil slump getting slumpier as Iranian oil comes online.
- Driver of world economic growth China hitting its weakest growth pace in 25 years.
- The Royal Bank of Scotland warning of “cataclysm” this year and advising investors to “sell everything.”
And on and on. You get the picture. But I bet you wish you didn’t.
Ironic, then, that in the midst of this beginning-of-the-end of the 8 year long QE re-leveraging heroin binge we have news that seems to put a bow on the 2008 crisis: Goldman Sachs has announced that it has reached a $5.1 billion settlement as its wrist slap for participating in the wholesale swindle that was the subprime mortgage meltdown. The settlement breaks down into $2.385 billion in civil monetary penalties, $875 million in cash payments and $1.8 billion in consumer relief.
Here’s the kicker: the settlement is the largest in the bank’s history, but still small potatoes compared to some of its cohorts in crime who have already reached their settlements, such as Bank of America ($16.6 billion) and JPMorgan Chase ($13 billion).
For those who don’t remember the subprime mortgage meltdown and Goldman’s role in it (along with the other big banks), they intentionally blew up the housing bubble by creating Structured Investment Vehicles to keep mortgage backed securities and other risky investments off their main books. This allowed them to raise money on the commercial paper market at low interest rates and earn high interest rates by buying toxic subprime mortgage securities. Then they paid off the ratings agencies to AAA certify their toxic mortgage CDO garbage.
Then (and here’s the psychopathic genius of it) knowing that it was all going to melt down sooner or later, they pawned the subprime-backed derivative garbage on their customers at the same time as they secretly bet against it. Internal emails released in subsequent investigations show they referred to their own CDOs as “sh***y deals” and called their customers “muppets” for buying them.
The end result? Goldman had its most profitable year to date in 2007 as the market started to turn with a staggering $17.6 billion profit. By 2009, in the depths of the crisis that they helped bring about and as the rest of the world faced total financial armageddon, they did even better, netting just shy of $20 billion profit.
So, just to recap: Goldman makes tens of billions by selling the very toxic assets they were secretly betting against and in the end they pay a $5 billion penalty.
…Oh, and (needless to say) the Injustice Department practically fell over themselves to announce at the earliest possible opportunity that no one would even be prosecuted for this fraud (let alone go to jail).
…Oh, and poor Goldman will make a slightly smaller profit this year as a result of this golden wrist slap, equivalent to one measly fiscal quarter of profit for the banking behemoth.
All hail Government Sachs, surely a Vampire Squid if ever there was one. And now that their last engineered crisis has been finally covered up for good, it’s time to live through the next one. Happy 2016!
Check out James Corbett’s other work and steady stream of insightful videos at CorbettReport.com
62 People Have More Wealth Than Half The World, Top 1% Have More Than Everyone Else
“The global inequality crisis is reaching new extremes.”
“The richest 1% now have more wealth than the rest of the world combined. Power and privilege is being used to skew the economic system to increase the gap between the richest and the rest,” Oxfam asserts, adding that “the current system did not come about by accident, humanity can do better than this.”
“In only five years, those 62 billionaires saw their wealth grow 44% — an increase of $542 billion — to a whopping $1.76 trillion. And, of course, the flip side of this concentration of money at the top meant “the wealth of the bottom half fell by just over a trillion dollars in the same period — a drop of 41%.”
Half of all global wealth accrued just since the year 2000 ended up in the hands of the 1%, while the poorest half of the planet’s population split a meager 1% of that increase. In nearly 25 years, Oxfam further revealed, the income of the world’s poorest 10% has risen by less than a single cent per day — an increase of less than $3.00 each year.”
http://www.zerohedge.com/news/2016-01-19/62-people-have-more-wealth-half-world-top-1-have-more-everyone-else
Pope hails ties with Jews on landmark synagogue visit
Evoking “the unbreakable bond between Jews and Christians”, the pope delivered a message of peace.
“Violence against men is in contradiction with any religion worthy of the name, and in particular the big monotheist religions,” he said, in his first visit to a synagogue since being elected pope in 2013.
He urged rejection of “all forms of anti-Semitism”, saying: “we must condemn any abuse, any discrimination and persecution stemming from it.”
“Six million people, simply because they belonged to the Hebrew people, were victims of the most inhuman barbarity, perpetrated in the name of an ideology that wanted to put man in God’s place,” Francis said.
Pope Francis, Vicar of Christ according to Roman Catholic doctrine, spoke these words earlier this month.
Slave, Did his majesty mentioned any support for the ISIS barbarians? Those SOBs need protection in order protect their creators.
We Catholics have suffered about 3 dozen anti-Popes in 2,000 years. Who is surprised that we have one more?
golden slacks and the FED…a revolving door of greed and corruption…they should all be swingin’…and i aint talkin’ ’bout “with” eachother, although i’m SURE they do.
BCOD, they should be pushing up daisies.
Ted Cruz’s wife is Goldman Sachs. Oh and he forgot to report the $500,000.00 loan he obtained from them as required by law.
Golden slacks bought Cruz his Senate seat from Texas, which he forgot to report. Shill. Funny, Golden slacks bought Presidency for Obama, too.
Yep Rebecca:
Cruz CONtrol = Goldman Sachs
If we dig deep enough you will find most (if not all) of our Congressmen and Senators are owned by the mega banks. Just takes a little time to research it out.
To put that $5 billion fine into perspective, just a year or two ago, the BONUSES for top managers and partners exceeded $16 billion.
Let me repeat myself. That was just the bonuses. 🙁
http://www.dailymail.co.uk/news/article-3406564/Inside-world-s-worst-zoo-Starving-bears-lions-forced-live-slaughterhouse-scraps-abandoned-Armenian-oligarch-no-wonder-no-one-s-visit-two-years.html
SOMEBODY HELP THESE POOR ANIMALS
http://theantimedia.org/historic-trial-soldiers-finally-face-charges-rape-mayan-women/
AMERICA FUCKING UP MORE SHIT WITH FOREIGN ENTANGLEMENTS
http://www.amren.com/news/2012/05/escape-from-detroit-the-collapse-of-americas-black-metropolis-by-paul-kersey/
https://www.youtube.com/watch?v=7qX25w-TRa0
LET ME TELL YOU OLD TWATS ABOUT NEO COLONIALISM
AS WHITE MAN ONCE COLONIZED AND ROBBED AFRICA BLIND, BLACKS HAVE NOW COLONIZED AMERICA CITIES AND BROUGHT THEM TO RUIN.
IN 1950 DETRIOT WAS 80% WHITE AND CALLED THE PARIS OF THE WEST. NOW IT’S 80% BLACK AND LOOKS LIKE A FUCKING WAR ZONE. OTHER BIG AMERICAN CITIES WHICH ARE WHITE RUN, SUCH AS MILWAUKKE, PORTLAND, SEATTLE, ETC., DO NOT BECOME SHITHOLES. NON-WHITES ARE INCAPABLE OF MAINTAINING CIVILIZATION.
BRAZIL IMPORTED 10X THE FUCKING SLAVES AS AMERICA.
QUESTION: HOW IS IT THAT MUSLIMS, AFRICAN TRIBES, AMERICAN BLACK FREEMEN, NATIVE AMERICANS, MEXICANS, JEWS, AND BRAZILIANS ARE ALL FORGIVEN FOR SLAVERY…BUT NOT WHITEY?
ANSWER: BECAUSE THE AMERICAN WHITE GUILT INDUSTRY HAS TRANSFERRED TRILLIONS FROM PRODUCTIVE WHITES TO LAZY, STUPID BLACKS.
WHY IN THE ACTUAL MOTHERFUCK DO WE HAVE CHILD TAX CREDITS? WE SUBSIDIZE POOR PEOPLE TO BREED WHILE TAKING MONEY FROM RICH EDUCATED PEOPLE SO THEY HAVE LESS MONEY TO START A FAMILY WITH?
YOU BABY BOOMER FUCKWITS HAD TO HAVE YOUR DIVERSITY.
TELL ME AGAIN HOW BEING A WHITE SUPREMACIST IS ILLOGICAL? IF EDUCATED PEOPLE ARE LESS RACIST WHY DO THEY NEVER ARGUE THEIR CASE QUANITATIVELY?
IS PATRIARCHY IS WRONG, WHY IS SOCIETY BECOMING INCREASINGLY FUCKED UP BY SINGLE PARENT HOUSES?
NOW DO YOU UNDERSTAND WHAT YOU BABY BOOMER FUCKING IDIOTS HAVE DONE? THE WHITE RACE NEEDS AND ENCLAVE FREE OF NON-WHITES TO DRAG THEM DOWN.
WEST VIRGINIA IS THE LEAST DIVERSE STATE WITH 1% NON-WHITES.
In the old Roman Empire if you really pissed off someone they wove a big bunch of sticks and fiber into a mat about 5ft X 10-15′ ,soaked it in tar, wrapped you up in it, poured tar on your head, and made you into a candle. Just thought some of you might need to know.
in the wild wild west they just tarred and feathered the scumbags, I think i like your version better for our scums in office!
but now we got the “mild mild west”, don’t we…
Fine for the J-House of the blood sucking criminals? How about the 62 people mentioned in this article being exterminated along with their entire families and supporters so the human race can survive.
Chump change for Sachs. The main under the table payment went to the politicians.
“An uneducated man robs a train” ;”An educated man steals the railroad”.
President Theodore Roosevelt
“A man with a gun can rob a bank”,” A bank can rob the world”
a man with a fish can eat for a DAY….a man with fishnet stockings will ALWAYS be able to find somebody to feed him!
The best way to rob a bank is to own it.
62 people=== TPTB!!!! They control it all. Get ready as best as you can the end is near.
We The Few!
Yep
wonder where we could find the names of those 62 folks
wonder where we can find the names of those 62?
Grandee:
Just google the 80 richest people in the world.
Forbes also lists who they are yearly.
35 of the richest people in the world live in America with a combined wealth of $941B.
Together in 2nd place are Russia and Germany with 7 mega rich people.
Let your fingers do the walking.
They keep a pretty low profile. It can be done. The Koch brothers maintained a low profile until the liberals outed them. Now everyone knows they own the RNC. I about laughed my head off when all the Republican candidates went to twirl their skirts to the KochMachine. There is a funny video put out by some libbers… they played it at the Metropolitan right when the Koch were attending a formal event.
Goldman et al. are buying both sides, Cruz and Clinton. They already got the next heist through before the election.
Nothing going to be done about it. As to the predictions made, maybe things will get so bad, people will do what needs to be done. But people are stupid and the criminals will continue to do what they do and laugh their ass off at us.
As long as people get the loans for cars and houses. People don’t care.
Nothing short of a Greece Experience will get Johnny Jerk Off pissed enough. Then I still have some doubt.
when they’re COLD, and HUNGRY….NOT until that happens…..and it WILL!
amen to that!
YUP it is coming and then they will be to weak from lack of food to do anything!
Anger is an energy.
So is a stare.
Sling, I agree. We would all have to become Greeks and even then it would still remain to be seen.
Not to worry mates, their graves will be the same size as ours, but the eternal residence will keep them in agony without end.
Yep! They paid the fine with the money we gave them in the first place. May they all burn in HELL!
We need some tall trees and short ropes, PERIOD!!!!!!
Paid a fine my ASS!!!!!
When they do it again they will tell all of us out here to bend over!!!!!!!!
Sgt.
Sarge, if Goldman-Sachs paid a fine, I’m bringing JFK back to life. {SARCASM}
Henry Paulson should be in prison with all his bank buddies. I can picture him running down the congress hall with one piece paper that said, $700 Billion is going to the banks.
And!
According to the FCIC: The total was for proprietary trade. Unlike the $14 billion received from AIG on trades in which Goldman owed the money to its own counterparties, this $2.9 billion was retained by Goldman. Most of the $2.9 billion came soon after AIG got its $182 billion taxpayer bailout.Jan 27, 2011
Do you remember when that rich kid started harassing people on an airplane. Calling people Peasants and could get people fired. Not one person got up to restrain that fucker even as he posed a threat to the aircraft.
He told us all what the rich think of us. Yes sir, want the truth about what people think. Get Them Drunk!
How we forget so soon.
I think that was a Hilton heir, if I’m not mistaken.
He was Paris Hilton’s brother if I remember right.
Yep , and that brat ain’t even as rich as he thought
So can you imagine those that are , and actually have the Capitol to back it up ?
Fuckin scary
There ain’t much worse than a tooth ache on Saturday night, but this comes close. Why aren’t these rascals dangling from the end of a rope? Because the majority of the POPULACE is too ignorant and distracted to be concerned about it. Only when the cold, the hunger, and the FEAR for day-to-day survival comes knocking on their own door will they care. By then, it will be too late for most of them.
Jesus loves me, and He died for me. And I know I’m supposed to show compassion, but I find it increasingly difficult to care much about the dumb masses.
Pity? I ran out of pity for fools a long time ago….
.
.
Y’all keep stacking.
https://www.youtube.com/watch?v=4FPGJrzzq_I
A rope cinched tight for most of Goldman sucks.
Just a swangin…
Haven’t heard that song in ages.
Ponomo:
And ropes for their bought and paid for lackeys in the MSN, politicians, and anyone else helping to cover up the truth of who/what is ailing America and the world.
These guys are what is ailing this country. They bought continued protection from Cruz and Clinton both. They think ahead.
Yeah, everybody knows warmongering is a crime also, a crime American’s are conditioned to accept as necessary despite their opposition against war. War is the problem that controls the people and their future. Stop the warmongers and the enablers and America will be reborn. It is our duty as humans to speak out against war to everyone. Until that happens things will continue declining for the worst. Power to the People!
Goldman”the fixer”Sachs. Also part of the gold fix.
The longer one gets away with something the worse the end result is. This behemoth is absolutely no exception.
Happy 2016.
The bankers run this country and we have let them solidify their position thru our indifference. They own and control the system. Audit the Fed and start the process of reclaiming our country.
There’s no chance of auditing the fed, or eliminating the federal reserve. Their grip is so tight, that (3) presidents were assassinated that had the intention of doing so. JFK being the last.!!!
J,
Well that would explain why they all choose to take money instead.